Singapore sovereign wealth fund Temasek Holdings wants to increase its exposure to mining in Mongolia. “We have made investments there and we are fairly bullish about Mongolia,” said  Nagi Hamiyeh, managing director of investments at Temasek, on the sidelines of a mining conference in Singapore on Tuesday. “We believe that Mongolia is starting its journey in the mining space so that would be one of the many countries that we would look at.”

Temasek was one of the cornerstone investors for the USD439-million Hong Kong IPO of Mongolia-focused miner SouthGobi Energy Resources in January. It also holds a stake worth USD150 million in Lung Ming, which owns and operates the Eruu Gol iron ore mine in Mongolia, according to its latest annual report.